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Thursday
Jan292015

2015 Tax Brackets! 

The Tax Foundation has calculated the 2015 tax brackets and calculated deduction credit limits for inflation.

The Tax Foundation's article by Kyle Pomerleau can be found here.

Table 1. 2015 Taxable Income Brackets and Rates (Estimate)

Rate

Single Filers

Married Joint Filers

Head of Household Filers

10%

$0 to $9,225

$0 to $18,450

$0 to $13,150

15%

$9,225 to $37,450

$18,450 to $74,900

$13,150 to $50,200

25%

$37,450 to $90,750

$74,900 to $151,200

$50,200 to $129,600

28%

$90,750 to $189,300

$151,200 to $230,450

$129,600 to $209,850

33%

$189,300 to $411,500

$230,450 to $411,500

$209,850 to $411,500

35%

$411,500 to $413,200

$411,500 to $464,850

$411,500 to $439,000

39.6%

$413,200+

$464,850+

$439,000+

 

Table 2. 2015 Standard Deduction and Personal Exemption (Estimate)

Filing Status

Deduction Amount

Single

 $                            6,300.00

Married Filing Jointly

 $                          12,600.00

Head of Household

 $                            9,250.00

Personal Exemption

 $                            4,000.00

   

Table 5. 2015 Alternative Minimum Tax Exemptions (Estimate)

Filing Status

Exemption Amount

Single

 $            53,600.00

Married Filing Jointly

 $            83,400.00

Married Filing Separately

 $            41,700.00

 

Table 6. 2015 Earned Income Tax Credit Parameters (Estimate)

Filing Status

  

No Children

One Child

Two Children

Three or More Children

Single or Head of Household

Income at Max Credit

$6,580

$9,880

$13,870

$13,870

  

Maximum Credit

$503

$3,359

$5,548

$6,242

  

Phaseout Begins

$8,240

$18,110

$18,110

$18,110

  

Phaseout Ends (Credit Equals Zero)

$14,820

$39,131

$44,454

$47,747

  

  

  

  

  

  

Married Filing Jointly

Income at Max Credit

$6,580

$9,880

$13,870

$13,870

  

Maximum Credit

$503

$3,359

$5,548

$6,242

  

Phaseout Begins

$13,760

$23,630

$23,630

$23,630

  

Phaseout Ends (Credit Equals Zero)

$20,330

$44,651

$49,974

$53,267